Found: However , Sir Vince also noted that few, if any, mutuals had taken advantage of the 50% limit they were
Written Evidence Dec. 13 2023
Inquiry: UK RegulatorsFound: further to ensure that the PRA and the FCA afford and embody parity of esteem and treatment to mutuals
Found: Co-operatives, Mutuals and Friendly Societies Bill: HL Bill 106 of 2022–23
Nov. 16 2023
Source Page: DCMS and Digital Economic Estimates: Business Demographics, 2023Found: Commission of England and Wales, Community Interest Companies (CICs) and the now-discontinued Public Service Mutuals
Mentions:
1: Bim Afolami (Con - Hitchin and Harpenden) First, they recently took the further step of backing the Co-operatives, Mutuals and Friendly Societies - Speech Link
Mentions:
1: Nia Griffith (Lab - Llanelli) onerous regulatory regime, with the aim of encouraging organisations such as social enterprises and mutuals - Speech Link
Mentions:
1: Leonard, Richard (Lab - Central Scotland) That may take the form of co-operatives, mutuals and regional and publicly owned institutions as part - Speech Link
Asked by: Jonathan Reynolds (Labour (Co-op) - Stalybridge and Hyde)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many officials in his Department work on policies relating to mutual societies.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Treasury allocates resources based on the priorities of the department, and officials within the Financial Services Group of HM Treasury provide advice to ministers on issues related to the mutuals sector. Resourcing is kept under regular review to ensure priorities are delivered.
The government recognises the value that mutuals bring to the UK economy. That is why we are taking appropriate steps to ensure that the legislative framework in which mutuals operate under is both a modern and supportive business environment.
As part of the Financial Services and Markets Bill, the Government is amending existing legislation so that credit unions in Great Britain can offer a wider range of products and services. In due course the government will also bring forward legislation to amend the Building Societies Act 1986, which will give building societies further flexibility in raising funds and modernise corporate governance requirements.
In addition, the government is supporting Sir Mark Hendrick’s Private Member’s Bill which would allow co-operatives, mutual insurers, and friendly societies further flexibility in determining for themselves the best strategies for their business, relating to their surplus capital and restrictions on the use of these assets.
Furthermore, the government is in active discussions with the Law Commission on options to proceed with a review of both the Co-operative and Community Benefit Societies Act 2014 and the Friendly Societies Act 1992 with a view to launching the reviews in the next financial year.
Written Evidence Nov. 09 2023
Committee: Treasury Committee (Department: HM Treasury)Found: A partial record only is available on Companies House; banks would need to check the Mutuals Register